Oil news

The Death of Iran's President Sparked Speculation but Little Else

Oil news - Fri, 05/24/2024 - 15:30
The death of Iranian President Raisi in a helicopter crash last weekend is not likely to have any immediate impact on the regime itself in terms of the proxy war with Israel, hyper-intense relations with the U.S., or throngs of activists hoping to seed some growth for change.  The Iranian regime will maintain its current policies and activities without missing a beat.  No blame has been laid as an investigation into the cause of the crash continued all week, most likely ruling out the development as being used for geopolitical leverage…
Categories: Oil news

Pierre Andurand Sees Copper Hitting a Record-High $40,000 in Four Years

Oil news - Fri, 05/24/2024 - 15:15
Copper prices are set to quadruple in the next four years or so to hit $40,000 per ton as electrification and renewable energy rollout accelerates, hedge fund manager Pierre Andurand told the Financial Times in an interview published on Friday.    The world will see demand for copper double due to the energy transition, military usage, and soaring numbers of data centers that support AI technologies, according to the hedge fund manager who is a top energy derivatives trader. “I think we could end up to $40,000 per tonne over…
Categories: Oil news

Oil Industry Helps Trump’s Texas Fundraising Efforts

Oil news - Fri, 05/24/2024 - 14:11
Oil executives contributed to Donald Trump’s fundraising efforts, which raised as much as $40 million in Texas alone this week, people who attended the events and are familiar with the fundraising haul told Bloomberg. Continental Resources chair Harold Hamm and Occidental Petroleum’s chief executive Vicki Hollub were among the attendees of a fundraising event in Houston on Wednesday, Bloomberg’s sources said.   Trump, however, didn’t elaborate too much on energy issues during his speech, and one billionaire oil…
Categories: Oil news

Exxon Signs Gas Exploration Deal With Algeria

Oil news - Fri, 05/24/2024 - 12:00
Exxon has signed a deal with the Algerian government for exploration at two natural gas fields in the North African country. The supermajor, in partnership with Algeria’s state energy firm Sonatrach, will "study the existing opportunities to develop the hydrocarbon resources in the Ahnet basin and the Gourara basin" in the southern part of the country, the New Arab reported. Details about the amount of the investment were not disclosed by the companies. Information about the potential resources in the two basins was also not disclosed.…
Categories: Oil news

Oil Prices Set for Another Weekly Loss as Traders Focus on U.S. Interest Rates

Oil news - Fri, 05/24/2024 - 10:30
Crude oil prices are on the slide again this week, with Brent set to end the week with a loss of some 3%, according to Reuters, and West Texas Intermediate on its way to shed about 4% unless a last-moment reversal happens by the end of the day. Oil benchmarks have been trading at the lowest levels in about three months, according to Bloomberg, as traders remain fixated on U.S. interest rates. There has been no good news there, with the Fed signaling current rate levels are necessary to keep inflation in check, with…
Categories: Oil news

EVs Twice As Likely To Hit Pedestrians As Gasoline Vehicles

Oil news - Fri, 05/24/2024 - 02:00
For years, the transition from ICE vehicles to EVs has been viewed as a critical element of reducing the more than seven billion metric tons of carbon dioxide (GtCO?) the global transport sector emits each year. The Biden-Harris administration has set an ambitious goal to have up to half of all new vehicle sales in the country electric by the year 2030 as part of the government’s mission to achieve a net-zero emissions economy by 2050.  This gargantuan effort might be worth it:  A 2021 study conducted by the…
Categories: Oil news

Trump Rakes in Millions from Oil Industry, Outpaces Biden in Campaign Funds

Oil news - Fri, 05/24/2024 - 01:00
The oil industry is contributing millions to the Trump presidential campaign, helping the Republican candidate top his rival Joe Biden's campaign war chest. And the Biden admin did a lot of this to itself. Bloomberg reported this week that the Trump campaign had raised a total of $76 million last month, which compared to a much lower $51 million for Biden. Per the New York Times, the Trump campaign has raised $7.3 million from the oil industry since the start of the year. And they are organizing events to help raise even more money…
Categories: Oil news

The Market's Sleepiest Sector Becomes Top Winner of the AI Boom

Oil news - Fri, 05/24/2024 - 00:00
The surge in artificial intelligence technology has created a most unlikely winner on the stock market.   Electric utilities, the ones that will meet the soaring demand to power data centers and generative AI, have turned from the sleepiest steady stock investment on the market into the hottest bet on the AI boom. Following the worst market performance in more than two decades in 2023, the utilities sector is shining on Wall Street this year in a dramatic shift of sentiment and share price gains as investors are betting on the companies that…
Categories: Oil news

China’s Iron Ore Imports Expected to Hit Record High This Year

Oil news - Thu, 05/23/2024 - 23:00
Via AGMetalminer.com If iron ore is in the news, can China be far behind? Contrary to earlier predictions, China may end up importing a record consignment of iron ore this year. With the global iron ore price fluctuating, this could have widespread ramifications. A recent Reuters report quoted market analysts as saying that China’s ore imports this year may touch an all-time high. According to some estimates, imports, much of them from Australia, Brazil, Ukraine, and India, will go up by between 15 and 50 million tons from…
Categories: Oil news

Climate Activists Charged with Forming Criminal Organization

Oil news - Thu, 05/23/2024 - 22:30
Amidst a backdrop of escalating climate activism, five members of Letzte Generation, often dubbed Germany's version of Just Stop Oil, are facing charges of "forming a criminal organization." The legal maneuver has unsettled fellow activists, who fear it could establish a troubling precedent, potentially criminalizing future support for environmental causes. The accused—Mirjam Herrmann, 27; Henning Jeschke, 22; Edmund Schulz, 60; Lukas Popp, 25; and Jakob Beyer, 30—find themselves charged under section 129 of the German criminal code,…
Categories: Oil news

Kazakhstan Joins EU program to Help Promote a Green Transition

Oil news - Thu, 05/23/2024 - 22:00
Kazakhstan is considering new procurement standards to maximize the efficiency and effectiveness of state spending while aiming to minimize the environmental harm of public works and services. Government contracts for goods, works and services totaled about $19.7 billion in 2023. In the past, environmental concerns didn’t figure much in state spending. But now, officials are starting to confront the need to address the Soviet legacy of environmental degradation, including the radiation caused by nuclear testing and fuel processing,…
Categories: Oil news

European Power Giant Looks to Sell $1.8-Billion U.S. Solar and Wind Projects

Oil news - Thu, 05/23/2024 - 21:30
Spanish utility giant Iberdrola is in search of a buyer of 50% of a portfolio of wind and solar projects under development in the United States, hoping to raise up to $1.8 billion from the sale, sources with knowledge of the plans told Bloomberg on Thursday. Iberdrola, one of the biggest utilities and renewable energy developers in Europe and the Americas, is looking to sell 50% in a portfolio of 400 megawatts (MW) of solar plants and 300 MW of onshore wind farms, all of which have purchase power agreements (PPAs) with big technology…
Categories: Oil news

European Power Giant Looks to Sell $1.8-Billion U.S. Solar and Wind Projects

Oil news - Thu, 05/23/2024 - 21:30
Spanish utility giant Iberdrola is in search of a buyer of 50% of a portfolio of wind and solar projects under development in the United States, hoping to raise up to $1.8 billion from the sale, sources with knowledge of the plans told Bloomberg on Thursday. Iberdrola, one of the biggest utilities and renewable energy developers in Europe and the Americas, is looking to sell 50% in a portfolio of 400 megawatts (MW) of solar plants and 300 MW of onshore wind farms, all of which have purchase power agreements (PPAs) with big technology…
Categories: Oil news

JPMorgan: Global AI Data Centers Will Consume Huge Amounts of Fresh Water

Oil news - Thu, 05/23/2024 - 21:00
Wall Street banks are in a frenzy over "The Next AI Trade," piling into the 'Powering up America' investment themes, whether that's power grid companies, commodities, such as copper, gold, silver, and uranium, and artificial intelligence chipmakers, to accommodate the explosion of generative artificial intelligence data centers anticipated nationwide through the end of the decade and beyond.  JPMorgan's Asia Pacific Equity Research desk is the latest bank to jump on AI trade in a note titled "Deep Dive into Power,…
Categories: Oil news

Europe’s Natural Gas Prices Rally amid Supply Concerns   

Oil news - Thu, 05/23/2024 - 20:30
European benchmark natural gas prices rallied on Wednesday and early Thursday amid growing supply concerns and forecasts of lower wind power generation later this week. The Dutch TTF Natural Gas Futures, the benchmark for Europe’s gas trading, hit on Wednesday their highest level since January after Austria’s OMV warned the market that Russian state giant Gazprom could halt natural gas supply to Austria due to a foreign court ruling that could interrupt OMV payments to Gazprom Export. The Austrian company assured the…
Categories: Oil news

Europe’s Natural Gas Prices Rally amid Supply Concerns   

Oil news - Thu, 05/23/2024 - 20:30
European benchmark natural gas prices rallied on Wednesday and early Thursday amid growing supply concerns and forecasts of lower wind power generation later this week. The Dutch TTF Natural Gas Futures, the benchmark for Europe’s gas trading, hit on Wednesday their highest level since January after Austria’s OMV warned the market that Russian state giant Gazprom could halt natural gas supply to Austria due to a foreign court ruling that could interrupt OMV payments to Gazprom Export. The Austrian company assured the…
Categories: Oil news

Europe’s Natural Gas Prices Rally amid Supply Concerns   

Oil news - Thu, 05/23/2024 - 20:30
European benchmark natural gas prices rallied on Wednesday and early Thursday amid growing supply concerns and forecasts of lower wind power generation later this week. The Dutch TTF Natural Gas Futures, the benchmark for Europe’s gas trading, hit on Wednesday their highest level since January after Austria’s OMV warned the market that Russian state giant Gazprom could halt natural gas supply to Austria due to a foreign court ruling that could interrupt OMV payments to Gazprom Export. The Austrian company assured the…
Categories: Oil news

China Performs Military Drills 'Surrounding' Taiwan As Warning To New President

Oil news - Thu, 05/23/2024 - 19:00
A mere few days after Taiwan’s new president, Lai Ching-te, was sworn into office at the start of the week, China's military on Thursday morning (local time) initiated two days of large-scale military drills. PLA navy ships and aircraft are now reportedly "surrounding the island of Taiwan," according to state media and PLA statements. The drills are said to be ensuing in the Taiwan Strait as well as to the north, south and east of the island - and additionally near the disputed tiny islands of Kinmen, Matsu, Wuqiu,…
Categories: Oil news

Bitcoin Miners Make Shift to Renewable Energy

Oil news - Thu, 05/23/2024 - 18:49
Bitcoin has dominated the news cycle lately, from the recent halving to the 30-plus banks starting their own Bitcoin ETF.  Crypto miners have also made the news, buying up local real estate and old industrial buildings across America, from Texas to New York, transforming old forgotten real estate into huge mining super-centers. This includes some of the biggest names in the sector.  A handful of C-level executives from some of the industry’s biggest names in crypto mining have gotten together to form a new company that we believe…
Categories: Oil news

Nigerian Oil Agencies Spar Over the Country’s True Production Figures

Oil news - Thu, 05/23/2024 - 18:30
Two separate agencies regulating Nigeria’s oil industry have offered wildly different figures for the country’s actual oil production, with one agency recording a 17% shortfall with some $3.3 million at stake, Nigerian Vanguard reported on Thursday.  The Nigerian Upstream Regulatory Commission (NUPRC) claims that its data shows the country’s actual oil production for April 2024 was 1.28 million barrels per day (mbpd), while the Nigeria National Petroleum Company Limited (NNPCL) has reported 1.7 million bpd of nationwide output,…
Categories: Oil news

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